Financial Advice Thread

hi to all Montrealracing members.
Many of you may know me already (friends and clients) and Many may not know me yet.
Ive been a long time member on Montrealracing.. as well as a Sponsor in the commercial section for the past 5 years. I have a forum in the Commercial section.

over the years.. Ive gotten to know many members who have become friends and clients, helping them with their financial planning needs.

you can always go to my commercial section to see the many threads of different financial topics.

But I will list in point form here.. the different services I offer. in the past I was not allowed to post in any of the forums except for my section. but after talks with Danny, he has allowed me one thread here in the Offtopic section. which logically makes sense.

for the past 10years I have been operating as an Independent Broker, dually licensed for Investment and Insurance planning. but at the office I operate from in the West-Island ( Braley-Winton Financial group), we offer many other sevices too. working as a "broker" allows me the flexibility to scan the market for the best products and services from a multitude of companies.

In short, the only financial service we dont offer, are Personal Loans. Therefore just short of being a "Bank" we can offer anything they can, at more then likely better rates with a much more personal service.

here is the link to our website
www.braleyfinancial.ca


Personal Insurances:
-Life insurance
-Mortgage insurance
-Critical illness insurance
-Disabililty insurance
-Health,Dental insurance
-Travel insurance
-Group insurance

Investments:
-RRSP (registered retirement savings plan)
-SDRSP ( self-directed retirement savings plan)
-TFSA ( tax free savings account)
-RESP (registered education savings plan)
-RDSP ( registered disability savings plan)
-High interest savings accts

Loans:
-Invesment loans
-RRSP Loans
-HELOC ( home equity line of credit) also know as ManuOne

Also available in house at BWFG:
-Conventional Mortgages ( fixed, variable etc) we have mortgage broker in house.
-Accounting ( Canada & USA)
-Notary Services


dont hesitate to ask me any questions or send me a PM.. over time I will bump up this thread highlighting these different topics etc.

thanks and look forward to hear from you

Tony.

( PS: I am not a stock broker. I dont deal in any type of stock trading, picking or anything related to that)

(PPS: neither Car or house insurance)

Glad to see you back man! Been a while since I last saw you around here!

El Maestro said:

Glad to see you back man! Been a while since I last saw you around here!

Click to expand...

hey whats up.. thanks for the reply..
ive always been around, just havent been allowed to post anywhere except my forum in commercial section..until now.

so hopefully this will get more coversation going.. in the area of financial planning..

Tony..

I don't understand, you do everything except loans, but you don't do anything related with stocks?

So you advise and we have to manage our portfolios ourselves?

Are you fee based or we have to buy your products/funds?

MrSpace said:

I don't understand, you do everything except loans, but you don't do anything related with stocks?

So you advise and we have to manage our portfolios ourselves?

Are you fee based or we have to buy your products/funds?

Click to expand...

hi,

correct.. we are not stock traders/brokers..
and we dont do any personal loans.. ex: car loan etc..
but as described in my list.. we offer mortgage products and investment loan products such as RRSP/investment loans.

for investments i am a licensed Mutual Fund representative.. and have access to all the fund families.

i work with my clients to see what type of investments best meet their needs, expectations and risk profile etc.. then I work with them on an ongoing basis to review and offer recommendations as needs change etc.. ex: pre-retirement, retired etc..

I do not operate on a fee basis.. so it dont charge anything to a client for services. the source of my income is commission. therefore it is the fund company, insurance company etc.. who compensate me for any products or services we use with them etc.

hope thats a little more clear..

I always thought that "Financial Advisor" was a protected title

SL!nky.Ako said:

I always thought that "Financial Advisor" was a protected title

Click to expand...

hi..

protected title..? what do you mean by that..?
my cards say Financial Advisor.. and what we are allowed to put on them is governed by the AMF ( Autorite des Marches Financiers).

for those of you who dont know what the AMF is.. they are the regulating body that governs the whole financial services industry in Quebec.
my licensing is held with them.. and every year it must be renewed, to make sure you are in good order
as well.. when you renew, you have to have accumulated Continuing Education credits in order to renew.
if you have not earned enough CE credits.. the AMF will not renew your license.
ive been working in this field for the past 10years.. and have never had a gap or delay in my license renewal etc..

over the past 10yrs what ive learnt, is that often people dont understand what the difference is working with an Indenpendent advisor (Broker), from just walking into a Bank.

the agent at a Bank.. represents that bank. maybe with very little access to third party companies at best.. or none at all..

whereas a Broker... has access to any company.. this plays a huge role in terms of competitiveness, service etc..

odly.. when it comes to investing.. I can offer all the bank funds anyways etc.. RBC, TD, National Bank, BMO etc.. but the agent who works in that bank.. can only offer that bank's funds..

likely wise.. regarding insurances.. I can offer all the insurance companies ex: Manulife, Canada Life, Sunlife, Great West

I know that! my question is you have your license with the AMF to be a Mutual fund sale rep Or you also have to have another certification to wear the ''financial advisor'' name. A bit like a ''Planificateur financier'' is a protected terminology?

Sorry for my grammar I'm currently on morphine (injury)

SL!nky.Ako said:

I know that! my question is you have your license with the AMF to be a Mutual fund sale rep Or you also have to have another certification to wear the ''financial advisor'' name. A bit like a ''Planificateur financier'' is a protected terminology?

Sorry for my grammar I'm currently on morphine (injury)

Click to expand...

oh ok.. I see what you mean..

what you meant is "Financial Planner"..

its a grey area the difference between a Financial Advisor and Financial Planner..
but you are correct.. you have to complete the Financial Planner courses to be able to use this Designation.

A Financial Planner, does not necessarily mean he/she is a "licensed Advisor" for investments and insurance.

one person could be both.. but a Planner alone.. would charge a Fee for Service basis.. and then direct you to an Advisor, to put the "Plan" in action.

myself I dont have the Planner designation..as its basically redundant and thats why I dont charge a fee for my advice.. when someone comes to see me..

hope that helps..

fee based adviser/planner > commission based >> bank

you can't have access to "any" investment when commission based since you make money off those investments and not based on flat fee or % of invested amount

of course it's still 200 times better than a bank!

Sent from my GT-I9100M using Tapatalk 2

Quel impact va avoir le nouveau regime de retraite pour ceux qui avais pas de régime de retraite avec leur employeur? Ça marche comme un REER?

fallout said:

Quel impact va avoir le nouveau regime de retraite pour ceux qui avais pas de régime de retraite avec leur employeur? Ça marche comme un REER?

Click to expand...

hi.. I think you are referring to the VRSP ( Voluntary Registered Savings Plan)

in Quebec.. effective Jan 1, 2013.. all employers with 5 or more employess by law will have to offer the VRSP

presently.. it is up the employer if it wants to offer a form of retirement savings..

but in 2013 it will be Mandatory..

the VRSP.. works the same.. as a Personal RRSP our Group RRSP..

when the VRSP goes into affect.. I will be able to offer it from several providers etc..

hi,

see the link below..
http://www.insureright.ca/

probably one of the most user friendly interfaces, to calcuale different insurance needs.. and see what your risks are without the proper coverage.

its interesting.. play around with it.. if you have any questions let me know..

II cansay that everyone young should have long term disability indurance.

IMO it's the best and only indurance you should have in order to keep your revenue level should something happend.

Life insurance when you're young without a family or major debt is kinda useless since you don't have much debt.

But disability insurance is a must in case you get sick for life...

MrSpace said:

II cansay that everyone young should have long term disability indurance.

IMO it's the best and only indurance you should have in order to keep your revenue level should something happend.

Life insurance when you're young without a family or major debt is kinda useless since you don't have much debt.

But disability insurance is a must in case you get sick for life...

Click to expand...

yes I agree.. Disability insurance is very important.. as you desribed.. its there to protect your income if something happens..
even if you have disability at work.. it only covers about 67% of your income..

if you add a Personal disablity plan.. you can do whats called a "Top Up".. to closer to 80% of your income.
the figures are uninque to each person's situation etc..

probably even more important then Disability insurance is CRITICAL ILLNESS INSURANCE.

this type of plan pays a lump sum in one shot tax free ex $100,000 if you are diagnoses with Cancer etc..


regarding life insurance.. when we are younger its less important if you are not married and no kids..
but its still a good idea to have it when you are younger.. cause the premium will be cheaper.. then if you wait.

and remember.. applying for insurance requires a medical questionnaire etc.. so the earlier you apply the better.. cause chances are you are obvioulsy in good health when younger..

thats the thing with insurance.. the idea is to apply for it when you dont need it.. incase if ever you'll need it later in life..

So you're NOT a CFP?

Only IFIC? Or CSC?

Moneyz said:

So you're NOT a CFP?

Only IFIC? Or CSC?

Click to expand...

hi..

correct.. I do not have CFP designation.. I could have done it but did not bather..

I have Bcomm Major Finance, CSC ( Canadian Securities Course) and Insurance of Persons and 10years of experience in this field.

having the CFP designation woud not change in any form my Knowledge, Expertise and Services that I am licensed to offer..

having the CFP.. does not license you for anything.. you need the CSC and Insurance of persons to offer products and services..

sure having a CFP designation.. wouldnt hurt.. but after 10 years experience it would be redundant..

not having the CFP has no impact in my business at all etc..

IMPORTANT NOTICE; regarding life insurance.

for Life insurance there are two main types.
1. Term
2. Permanent


with Term, the most common options are Term 10 or Term 20. this means your premiums would increase every 10 or 20 years. although Term life insurance is very cheap for the first 10 years.. it gets very expensive later as premiums go up.

on ther other hand Permanent life insurnace.. the premium is more.. but the price is locked for life gauranteed never to change. so thats a very important advantage.

regardless of Term or Permanent, the younger you are the cheaper the premium.

The "important notice", is that because interest rates are at all time record lows.. this is impacting the Insurance companies. who rely on interest rates for guarantees etc..

so over the past year and 1/2.. all insurers have been increasing their rates on Permanent type plans.. some companies have already increased 3 times.

the consensus.. is that Permanent insurance will soon be gone altogther.. and one company has already announced just that.
by suspending all new applications of permanent type products etc..

this could be a trend that remaining companies will follow.

so the best bet is to consider permanent type insurance before these changes.

thats my tip of the day.

Tony..

hey whats up..

just saw two recent threads..

one guy was asking about his Pension.
and another guy was asking about Mortgage insurance..

if anyone has related Financial questions.. let me know, if I can help I will

thanks
TOny..